Divorce in Huntsville: Division of marital property

The moment you decide to initiate divorce proceedings in Huntsville, you will have a bunch of things to deal with. While child custody and alimony are critical issues, the biggest fight between separating spouses is related to marital property. If you don’t understand how Alabama laws work, you should check with the legal experts of The Harris Firm, LLCto learn more. For your help, we take a look at the essential details.

Alabama allows for equitable distribution

Equitable doesn’t mean equal. It means that the division of marital assets and properties should be fair to both parties. If you and your spouse agree to the significant aspects of property division, you can consider drafting an agreement, which must be submitted to the court. If you cannot do that, you may still have options like mediation, but when nothing else works, property issues may end up in court.

Separate vs. marital property

Marital assets are those that are acquired by the couple during the marriage, even when these properties are in one party’s name. However, if you received a home as a gift from your parents or owned investments before the marriage, those will be treated as separate properties. If you have been married for over ten years, the court may grant you a part of your spouse’s retirement accounts. There are a number of factors that are considered by the judge when dividing assets and properties equitably. The length of your marriage, the ages of both parties, the standard of living during your marriage, contributions to the household, earning capacities, and individual needs of both spouses could be pertinent.

Talk to a lawyer

Before making any decision, you should speak to a family lawyer to understand where you stand with all your properties and financial situation, especially if there is a lack of clarity. Not all properties in your spouse’s or your name are marital. Your lawyer can also help you determine the value of these assets and properties and guide you on your rights about division. If you have an attorney, they will never let you sign any document you don’t understand. In case the divorce ends up in mediation, they will be your advocate.

Because equitable distribution can be confusing, you shouldn’t risk your chances. Work with the right law firm in Huntsville and let the experts tell you the best way forward. Even in an uncontested divorce, that’s the right thing to do.